Whether you are searching the web, talking to friends or getting ready to meet your you have most likely been asked if you are pre-approved. Ever wonder what all the buzz is about? Let’s take an in-depth look at what it means to be pre-approved, how to do it and why we think it is such an important first step in your home search.

What It Is:
A loan officer will review your financial status, including your income, cash flow and credit score, to help you determine the maximum monthly housing payment for which you may be able to qualify, and, if qualified, “pre-approve” your mortgage before you’ve found a home. 

How To Get It:
We suggest speaking with a few lenders to shop for rates and decide who you feel most comfortable with. A great place to start is at your current bank. Next, ask us for a . We have a network of lenders that we work with who are very familiar with all aspects of purchasing in the Smoky Mountains. It only takes a short amount of your time but the benefits of  being pre-approved are numerous.

The Benefits:
*Armed with a mortgage pre-approval, you can start searching for homes with a much better idea of your price range, and in turn save time as you will know the right homes to focus on. Obtaining a pre-approval may offer more confidence and certainty to home sellers in your ability to purchase the home.

*It will give you the ability to see the homes you want to see when you start looking. Many sellers in today’s market will not approve a showing without a pre-approval being provided ahead of time.

*Purchase forms often require buyers to apply for financing within a given time period, in many cases, seven to 10 days. By meeting with loan officers in advance and identifying mortgage programs, it won’t be necessary to quickly find a lender, check credit, and rush into a financing decision that may not be the best option.

*Being pre-approved may expedite the acceptance of your offer to purchase. Many sellers will not respond to an offer to purchase without a pre-approval letter. In the meantime, they can continue to consider other offers.

*You will be in a much better negotiating position with a pre-approval in hand especially in the case of multiple offers on the same property.

If you would like about pre-approval or would like one of our preferred lender partners to contact you please give us a call or email anytime. We look forward to assisting in your home purchase. While you are working on that pre-approval why not take some time to browse the variety of in the area?

Here are a few of my featured listings:

 

Smoky Mountain Money Maker Smoky Mountain money maker did over $26,000 in rental income for both 2010 & 2011. Nestled in a resort like neighborhood this large cabin is filled with amenities & is close to Dollywood. Type: Single Family Home Location: Pigeon Forge Price: $179,900 Get more information >

 

Award Winning Design & Mountain Views This home’s commanding presence and awe inspiring setting have contributed to its status as an architectural icon. Award winning design and attention to detail create a distinctive home unlike any other you’ve seen. Type: Single Family Home Location: Chalet Village Price: $899,900 Get more information >

 

Fantastic Rental Income & Mtn View! Incredible furnished rental with fantastic Mt LeConte view. Lots of decks w/hot tub to enjoy the view. Bedroom suites with recreation room and kitchenette for entertaining. Lots of room for large groups. Sleeps 18. Type: Single Family Home Location: Sevierville,TN Price: $399,900 Get more information >